As previously reported, Stifel analyst Derek Archila upgraded Pacira (PCRX) to Hold from Sell after Heron Therapeutics (HRTX) announced yesterday that it received a Complete Response Letter from the FDA for its New Drug Application for HTX-011 for the management of postoperative pain. Archila now forecasts HTX-011's approval and launch in 2020 and thinks Pacira's Exparel will likely remain the only local, non-opioid, long-acting analgesic on the market through the remainder of 2019. He also believes a recent price increase and a favorable reimbursement scheme in the ASC setting should set the company up to achieve its 2019 Exparel guidance. However, Archila said key points from his Sell thesis still worry him long-term as he thinks other more competitive offerings, from Heron and others, will eventually come to market. Given his increased Exparel forecast and the incorporation of the recent acquisition of Iovera, Archila raised his price target on Pacira shares to $45 from $33.